Nearly everything about the business world looks different today than it did last year. Priorities have shifted, workers are remote or hybrid, and budgets have been reallocated, so your marketing strategy needs to change, too. Enter the importance of account-based marketing (ABM). If you’ve never heard of it, here’s a breakdown of everything you need to know about ABM and why you should start using it now.
What Is Account-Based Marketing?
ABM is a highly focused growth strategy that involves collaboration between sales and marketing. Rather than using limited resources to market to a long list of potential customers, sales and marketing teams will identify high-value accounts for which to create more personalized buying experiences.
This process helps you get to the point of engaging your most important prospects much faster. If done right, ABM results in both increased ROI and greater customer loyalty.
How Does ABM Work?
Buy-in from everyone involved at your organization is the foundation of a successful ABM program. Sales and marketing executives need to ensure alignment of both departments, and all team members who will be involved should be aware of the part they play in implementing the new strategy.
Your ABM strategy will involve selecting the high-value targets to invest time and energy on. This can be approached a number of different ways:
- Use a model of success from previous years to draw a profile of your ideal customer
- Select targets based on geographical location
- Leverage tools such as your CRM and LinkedIn
- Focus on leads that have interacted with your inbound content but have yet to make a purchase
Sales and marketing need to work together to create strong relationships with each account’s buying committee. Personalized content is a key part of this approach. If you have case studies for similar organizations, highlight those. Communication should be customized so that each account feels like it’s the only one you’re talking to.
What Does ABM Do for Your Business?
Properly executed ABM streamlines the sales cycle, creates better ROI on your marketing efforts, and ultimately helps you grow your business through account relationships. When you deliver highly customized experiences to each of your key accounts, your relevance as a resource increases at those organizations – leading to long-term relationships and even more sales.
No company can afford to waste time, energy, or marketing budget on random targets in the current business environment. The collaborative nature of ABM keeps your sales and marketing teams aligned and increases the efficiency of your sales process. Focusing on high-value accounts and providing personalized experiences ensures you’re spending your marketing dollars on targets that are more likely to actually buy what you’re selling.
If ABM is new to you, have no fear – Mojenta is no stranger to this highly effective marketing strategy. We’re here for you if you are looking to leverage ABM at your business. Get in touch with us today and we’ll help you implement a smarter strategy that will ensure your success in today’s market.